Tag: Economics

Scarcity is represented on the production possibilities frontier by …… ?

Select ONE answer:

1. the fact that there are only two goods in the diagram.
2. technological progress.
3. the amount of the good on the horizontal axis forgone.
4. the fact there are attainable and unattainable points.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.

On the vertical axis, the production possibilities frontier shows ________ ; on the horizontal axis, the production possibilities frontier shows ________ ?

Select ONE answer:

1. the quantity of a good; a weighted average of resources used to produce the good.
2. the quantity of a good; the number of workers employed to produce the good.
3. the quantity of a good; the price of the good.
4. the quantity of one good; the quantity of another good.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.

Jane produces only corn and cloth. Taking account of her preferences for corn and cloth…….?

Select ONE answer:

1. makes her production possibilities frontier straighter.
2. does not affect her production possibilities frontier.
3. makes her production possibilities frontier flatter.
4. makes her production possibilities frontier steeper.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

Which of the following statements regarding the production possibilities frontier is true?

Select ONE answer:

1. Points on the frontier are less efficient than points inside the frontier.
2. Points inside the frontier are attainable.
3. Points outside the frontier are attainable.
4. None of the above because all of the above statements are false.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

Any production point outside the production possibilities frontier ……. ?

Select ONE answer:

1. is attainable only if prices fall.
2. is associated with unused resources.
3. is attainable only if prices rise.
4. is unattainable.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.

A production possibilities frontier does NOT illustrate ……. ?

Select ONE answer:

1. attainable and unattainable points.
2. the exchange of one good or service for another.
3. the limits on production imposed by our limited resources and technology.
4. opportunity cost.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

The production possibilities frontier represents ……. ?

Select ONE answer:

1. the maximum levels of production that can be attained.
2. the maximum amount of resources available at any given time.
3. combinations of goods and services that do not fully use available resources.
4. the maximum rate of growth of output possible for an economy.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 1

This work is licensed under a Creative Commons Attribution 4.0 International License.